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Tax-Credit Tally: Which Made it Into the Budget? Which Were a No-Show?

Updated: Aug 1, 2022

July 1, 2022 |

The new budget — the largest in state history — earmarks roughly $2 billion for direct property-tax-relief credits. That’s a level of funding for such relief benefits that hasn’t been seen in over a decade in New Jersey.

Other so-called affordability measures funded through fiscal year 2023 budget will result in additional savings, including for those buying many “back to school” items over a 10-day period later this summer.

NJ SEED: The state treasury is quite comfortable under the FY 2023 Budget recently signed by Governor Murphy. It ought to be. The state’s coffers are overflowing with cash. There is good news in that the state’s pension obligation is met and there is significant funding for capital projects such as infrastructure and school construction. There is also $2 billion in property -tax relief and relief for renters. Some might suggest that when the state can project fiscal year surplus of more than $6 BILLION the state is either taxing too much, borrowing too much, or both.

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